BUSINESS WIRE: CNC Fin & Green Tree Fin On Rtg Watch Evolv.
NEW YORK, Aug 14, 2000 (BUSINESS WIRE) --
siliconinvestor.com
Fitch places the limited guarantee classes of Conseco
Finance Corp. and Green Tree Financial Corp.'s
securitizations listed below on Rating Watch Evolving.
This action follows Fitch's downgrade of Conseco Finance
Corp.'s (Conseco) senior debt rating to `B' from `BB-'.
For more information regarding Fitch's rating of Conseco
Finance Corp., please see Fitch's press release dated
August 11, 2000.
To date, the ratings on these securities have reflected the
strength of the limited guarantee provided by Conseco
(formerly Green Tree Financial Corp.).
If the limited guaranty were the only form of credit
enhancement for these securities, they would be downgraded
to `B'.
However, all of these securities are
also supported
by monthly
excess interest,
and in some cases,
over- collateralization (O/C).
Fitch will evaluate each of these securities to determine
whether the excess interest, and if applicable, O/C, is
sufficient TO ACHIEVE A RAING ABOVE THE `B' rating of the
company.
The affected securities are:
Green Tree Financial Corp. and Conseco Finance Corp. manufactured housing contracts pass-through certificates:
Series 1992-1, series 1992-2, series 1993-1, series 1993-2, series 1994-1, series 1994-2, series 1994-3, series 1994-5, series 1994-6, series 1994-7, series 1994-8, series 1995-1, series 1995-2, series 1995-3, series 1995-4, series 1995-5, series 1995-6, series 1995-7, series 1995-8, series 1995-9, series 1995-10, series 1996-1, series 1996-2, series 1996- 3, series 1996-4, series 1996-5, series 1996-6, series 1996-7, series 1996-8, series 1996-9, series 1996-10, series 1997-1, series 1997-2, series 1997-3, series 1997-4, series 1997-5, series 1997-6, series 1997-8, series 1998-1, series 1998-3, series 1998-4, series 1998-6, series 1998-7, series 1999-1, series 1999-2, series 1999-3, series 1999-4, series 1999-5, series 2000-1, 2000-2, 2000-4.
Green Tree Financial Corp. and Conseco Finance Corp. home equity loan certificates:
Series 1996-C, 1996-D, series 1996-F, series 1997-A, series 1997-B, series 1997-C, series 1997-D, series 1997-E, series 1998-B, series 1998-C, series 1998-D, series 1998-E, series 1999-A, series 1999-C, series 1999-D, series 1999-F, series 1999-H Group I, series 2000-A, series 2000-B, series 2000-C.
Green Tree Financial Corp. and Conseco Finance Corp. home improvement loan certificates:
Series 1996-C, series 1996-D, series 1996-E, series 1996-F, series 1997-A, series 1997-C, series 1997-D, series 1997-E, series 1998-B, series 1998-D, series 1998-E, series 1999-E.
Green Tree Recreational, Equipment & Consumer Trust:
Series 1996-B, series 1996-C, series 1996-D, series 1997-A, series 1997-B, series 1997-C, series 1997-D, series 1998-A, series 1998-B, series 1998-C, series 1999-A.
Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.
Contact:
Fitch, New York
Stephen Lei 1-212-908-0778,
or
Jenine Potolsky 1-212-908-0691
or
Michael Dean 1-212-908-0556 |
